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Volvo Invests In Silicon Valley Transport Start-Up Fund

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Volvo Invests In Silicon Valley Transport Start-Up Fund

Volvo Group Venture Capital has invested in Autotech Ventures, a venture capital firm located in Silicon Valley.

A spokesman said the deal was expected to yield near-term results in fields of specific focus for Volvo including connected, autonomous, electrified vehicles and related mobility services.

"That is where the future leans towards," he told FreightWaves. "We will absolutely explore those opportunities.

"We are interested in investing in a lot of future-oriented companies and [Autotech] is one of those."

The spokesman would not disclose the size of the investment in Autotech Ventures, which currently manages over $200 million and focuses on the $3 trillion ground transportation sector.

However, a Volvo Group statement said the transaction would have "no significant impact on the Volvo Group's earnings or financial position."

Volvo Group Venture Capital was established to make investments in innovative companies at "the forefront of service orientation as well as product differentiation" and support collaboration between startup companies and the Volvo Group. The division's scope is global with a focus on Europe and North America.

Earlier this month (December 5) the division invested in California-based Apex.AI, a leading software company in autonomous mobility. The investment will fund the development of a safety-certified software framework for autonomous systems.

Volvo is also at the forefront of alternative propulsion truck manufacturing. As reported in FreightWaves, in November Volvo Trucks started selling a new range of "urban" electric trucks in key European markets. The manufacturer claims the models, which have no exhaust emissions and reduced noise levels, will help meet the increasing demand for sustainable transport solutions in city environments.

A statement from Volvo said the Autotech Ventures team combined "deep knowledge and insights from the ground transport sector with vast experience from venture capital investing."

"Through the cooperation with Autotech Ventures we look forward to interact with more world-class start-ups transforming our industry," said Anna Westerberg, acting CEO of Volvo Group Venture Capital and Senior Vice President, Volvo Group Connected Solutions.

Dan Tram, Investment Director of Volvo Group Venture Capital who is based in Silicon Valley, added, "The investment provides Volvo Group Venture Capital with an enhanced deal flow but also access to deep industry knowledge and relevant networks."

More FreightWaves and American Shipper articles by Mike

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Posted-In: Freight Freightwaves Silicon ValleyNews Global Startups Tech General

 

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